Jammu and Kashmir Bank continues to record growth despite recent events: Financial Commissioner.
Bank officials said that the Jammu and Kashmir band showed profitability for the 8th quarter and posted a net profit of Rs 465.00 crore in the last financial year.
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| CMD J&K Bank, RK Chibber indicated that the bank has indicated strong growth showing a growth rate of 16 per cent. |
Despite some recent incidents, Jammu and Kashmir Bank is moving strongly towards development, Financial Commissioner, Finance, Arun Kumar Mehta said on Tuesday.
Bank officials said that the bank showed profitability for the 8th quarter and posted a net profit of Rs 465.00 crore in the last financial year.
Bank officials said that the bank showed profitability for the 8th quarter and posted a net profit of Rs 465.00 crore in the last financial year.
The bank's operating performance in respect of all banking standards has been satisfactory with data on advances and deposits during the five months of the current financial year, showing an increase of Rs 900.00 crore and Rs 2,030 crore respectively during the same period. During the last fiscal year, Mehta said.
This was revealed by the Financial Commissioner, Finance in a meeting held with officials of Jammu and Kashmir Bank on Wednesday.
While stating that total credit and deposits have increased substantially on a year-on-year (YoY) basis, CMD J&K Bank, RK Chibber has indicated that the bank has shown a YoY credit growth of 16 per cent, a strong growth. Is a sign of speed.
Sharing details of the risk management framework and NPA provisioning imposed by the bank, Chibber said that the bank's internal controls and processes are aligned with industry best practices and RBI directives and there is adequate provision for NPAs.
Noting that the bank is running better than the industry average net interest margin of 3.84 per cent, Chibber revealed that the bank showed profitability for the 8th straight quarter and posted a net profit of Rs 465.00 crore in the last financial year. is.
Assuring the government to fulfill the bank's CMD for its development initiatives, he advised that the bank should improve the bank-customer interface to cope with the bank's healthy experience for its vast customer base.
Chibar further emphasized to CMD Bank to formulate a communication strategy on several media and marketing platforms to remove misinformation about the bank.
The Financial Commissioner, Finance assured that J & K's government holds a majority stake of 59 per cent in the bank, and that Jammu and Kashmir Bank will continue to work together to fulfill the aspirations of the bank's 12 million account holders. Who have placed their trust. The bank has been canceled.
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